How the IoT is Transforming Manufacturing and Field Service
Businesses change as technology changes. Paper-based, on-site systems have given way to enterprise applications and cloud-based solutions. Artificial intelligence, machine learning, virtual reality, unmanned systems, and more will continue to reshape business models and customer experience touchpoints within the service and manufacturing fields. And organizations are now using these revolutionary technologies to help generate greater revenue and improve the overall customer experience.
Did you know? The market for Internet of Things devices is poised to explode and will reach nearly 21 billion connected devices by 2020. – Source: Gartner
The Rise of the Service Organization
“How we run a company is going to change, very dramatically, because of the impact of smart, connected products on the nature of work and on the nature of what companies have to do.” – Michael E. Porter, Harvard Business School
As the physical world of manufacturing gives way to the digital, companies need to consider service ecosystems and connected customers. With technology such as wearables, artificial intelligence, virtual and augmented reality, robotics, drones, etc. consistently streaming in data, manufacturers can analyze product performance data in real-time. Companies can then offer predictive maintenance services or pay-per-use pricing tiers that proactively address complications, offer replacement parts to customers, and adjust future design iterations, ultimately changing how service is provided.
In short, the IoT is creating a shift from reactive to proactive service, and these technologies are promising to turn virtually every product-based company into a service organization. Customers now expect the company to know when their product needs serviced. And organizations are now beginning to view service not only in terms of ROI from their technology deployment, but as an ongoing recurring revenue model.
The Role of Analytics
How does proactive service work exactly? Analytics plays a huge part. IoT analytics allow you to anticipate and correct predicted product failures by allowing you to understand in real-time what’s happening to your product:
- Descriptive analytics help you make sense of data
- Diagnostic analytics help you understand why products are behaving the way they do
- Predictive analytics tell you what might happen next
- Prescriptive analytics help prevent future problems from occurring
Through these technologies and by establishing and analyzing the connectivity between devices, service organizations can now better meet customer expectations.
Forward-thinking manufacturers are already improving performance and agility across their businesses— redesigning processes for greater agility and responsiveness, building more open, connected and trusted ecosystems, and delivering more personalized customer service experiences. Likewise, service management software is making it easier for organizations to delivery proactive and timely field service, and cloud-based and mobile technologies are enabling service information to be delivered to customers in real-time.
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